LUXURY MARKET REPORT
SECOND QUARTER 2016
Aloha and welcome to The Quarterly Luxury Market Report from LIST Sotheby’s International Realty, where we take a closer look at the most recent real estate activity here on Oahu.
For single-family homes in the $2 to $3 million range, sales increased by 68.8% to 27 homes sold, up from 16 last year at this time. Months’ supply of inventory was up, too, increasing 10.1% to 14.4 months for the quarter.
Our report breaks the Oahu luxury home market into four single-family home and two condominium price segments.
Single-family homes priced from $3 to $5 million decreased by 40% compared to last year, with 9 homes sold in Q2 2016 compared to 15 homes in Q2 2015. Months’ supply of inventory decreased by 2.9% to 24.9 months.
Single-family home sales for Q2 2016 priced from $1 to $2 million increased by 6.4% compared to Q2 2015, with 184 homes sold. This price point has 7.8 months’ supply of inventory, an increase of 6.5 percent compared to last year at this time. There remains a good amount of inventory in this price range, and an increase of supply was a mild and not unpleasant surprise for this time of year.
In the second quarter of 2016, 8 homes sold in our top segment of single-family homes at $5 million or higher, including homes in Diamond Head, Hawaii Loa Ridge, Lanikai, Sunset Beach and in Kailua’s Beachside neighborhood, including our own record-breaking sale of $17,375,000 for an incredible home on Kailuana Place.
Before we look at luxury condos, here’s a quick view of Oahu’s overall market for Q2 as reported by the Honolulu Board of REALTORS®. Over the first half of 2016, 1,713 single-family homes were sold on Oahu, up 7.8% compared to last year. The median sales price for single-family homes closed Q2 2016 at $727,000, up 6.1% over Q2 2015. Meanwhile, 2,639 condominiums were sold in Q2 2016, an increase of 10.7%, with the median sales price for condominiums closing Q2 2016 at $385,000, representing a 7.4% increase compared to Q2 2015. In addition, both segments closed the year with less than 3.0 months of inventory. Luxury condo market activity for Q2 2016 was decidedly up compared to CONTINUED ON PAGE 3
FOREIGN INVESTMENT $1 - $2 MILLION
Source: Title Guaranty Hawaii, May 31, 2016
2016
#
$
2015
#
$
2014
#
$
2013
#
$
JAPAN
84
$121,764,366
JAPAN
31
$43,456,250
JAPAN
47
$63,383,000
JAPAN
28
$39,859,700
CANADA
5
$6,929,200
HONG KONG
4
$5,183,725
KOREA
5
$8,050,000
HONG KONG
4
$5,320,000
CHINA
3
$4,740,300
CANADA
4
$4,643,750
CHINA
4
$5,312,566
CHINA
3
$5,120,000
HONG KONG
2
$2,966,800
CHINA
3
$3,795,000
HONG KONG
4
$5,045,600
CANADA
2
$2,601,708
THAILAND
1
$1,748,800
KOREA
2
$2,370,000
CANADA
3
$4,079,000
SINGAPORE
2
$2,460,000
2016
#
$
2015
#
$
2014
#
$
2013
#
$
JAPAN
44
$150,291,381
JAPAN
18
$50,565,500
JAPAN
38
$113,876,299
JAPAN
21
$56,616,300
HONG KONG
3
$10,068,494
CHINA
2
$7,400,000
SINGAPORE
7
$45,290,355
HONG KONG
4
$9,575,000
AUSTRALIA
1
$7,800,000
HONG KONG
3
$7,340,000
CHINA
4
$17,238,890
AUSTRALIA
2
$8,450,000
AUSTRALIA
4
$14,498,800
SINGAPORE
1
$3,300,000
VIRGIN IS.
2
$4,798,600
CANADA
2
$6,183,750
HONG KONG
1
$2,350,000
BRAZIL
1
$3,000,000
$2 MILLION +
All Data from the HiCentral MLS, Ltd. Report © 2016 ShowingTime.
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SALES ACTIVITY SINGLE-FAMILY
CONDO
Year
$1 - 2 Million
$2 - 3 Million
$3 - 5 Million
$5 Million +
$800,000 $1 Million
$1 Million +
2011
320
39
28
9
75
113
2012
348
64
34
10
85
117
2013
471
64
32
14
120
150
2014
496
100
46
16
165
182
2015
609
84
43
18
213
164
2016 YTD
131
24
7
4
45
44
2011
$1.25
$2.35
$3.40
$6.10
$0.90
$1.55
2012
$1.26
$2.25
$3.51
$6.73
$0.90
$1.35
2013
$1.28
$2.35
$3.48
$9.00
$0.88
$1.31
2014
$1.26
$2.30
$3.86
$6.40
$0.88
$1.43
2015
$1.28
$2.37
$3.50
$7.95
$0.88
$1.32
2016 YTD
$1.21
$2.25
$3.60
$6.04
$0.85
$1.39
2011
8.4
19.1
18.6
37.6
10.3
15.7
2012
4.2
9.3
15.2
20.0
7.1
9.2
2013
7.0
14.8
20.2
21.0
7.7
14.2
2014
6.4
9.4
17.0
33.2
7.5
13.8
2015
6.1
17.8
22.0
37.8
8.3
18.8
2016 YTD
6.8
15.3
22.7
37.9
7.9
21.3
Metric
CLOSED SALES
MEDIAN SALES PRICE (in millions)
MONTHS SUPPLY OF INVENTORY
SINGLE FAMILY & CONDO $1 Million +
HISTORICAL GRAPH
Q1 2007
Q1 2010
Q1 2013
Q1 2016
Q1 2010
Q1 2013
Q1 2016
Closed Sales Median Sales Price Months Supply of Inventory
CONDOMINIUM $1 Million +
HISTORICAL GRAPH
Q1 2007
Closed Sales Median Sales Price Months Supply of Inventory All Data from the HiCentral MLS, Ltd. Powered by ShowingTime 10K.
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CONTINUED FROM PAGE 1
the last two years. Sales in the $800 thousand to $1 million range were up 16.4% compared to Q2 2015, while months’ of inventory was down 21.7% to 7.5 months. Sales for condos priced at $1 million and higher increased by 57.1% compared to last year at this time. The 66 closed sales dwarfed last year’s 42 sales and was a nice increase over the 57 sales from the second quarter of 2014. Months’ of inventory was up to 17.3 months, an increase of 3.3% compared to Q2 2015.
Remember that every home and situation is unique. For specific guidance with your current or future home, visit listsothebysrealty.com. That’s the Oahu Quarterly Luxury Market Report for this quarter. Check back soon for the latest. Sign up for our monthly market newsletter and more at www.ListSothebysRealty.com. 日本語 www.ListHawaii-mls.com.
OAHU LUXURY NEIGHBORHOOD DETAIL Neighborhoods Aina Haina Beach
THROUGH SECOND QUARTER 2016
2016 YTD Median Sales Price
2015 Median Sales Price
2014 Median Sales Price
2013 Median Sales Price
2012 Median Sales Price
2011
-
$1,395,000
$2,700,000
$900,000
-
$2,000,000
Beachside
$3,812,500
$2,217,500
$1,922,500
$1,807,500
$1,615,000
$1,687,500
Black Point
$2,175,000
$3,350,000
$1,800,000
$6,200,000
$2,400,000
$2,210,000
Diamond Head
$2,668,000
$2,875,000
$2,288,888
$2,200,000
$2,150,000
$2,062,500
Dowsett
$1,270,000
$1,255,000
$1,333,000
$1,015,000
$977,500
$1,155,000
Hawaii Loa Ridge
$2,053,000
$2,100,000
$2,540,000
$1,946,500
$1,781,000
$1,590,000
-
$1,061,000
$1,000,000
$1,200,000
$917,875
$980,000
Hillcrest Kahala Area
$2,319,000
$2,200,000
$2,200,000
$1,940,000
$1,925,000
$1,790,000
Kamehame Ridge
$1,175,000
$1,152,500
$830,000
$1,268,888
$1,250,000
$1,000,300
Koko Kai
$2,185,000
$2,425,000
$2,520,000
$1,990,000
$2,200,000
$1,701,250
Lanikai
$2,585,000
$1,807,500
$2,745,750
$1,665,000
$1,525,000
$1,295,000
Makiki Heights
$1,385,000
$1,575,000
$1,590,000
$1,125,000
$1,078,578
$1,875,000
Manoa Area
$1,091,500
$1,214,617
$999,000
$1,150,000
$999,999
$975,000
Manoa-Woodlawn
$1,175,000
$1,134,750
$1,126,500
$1,049,500
$949,000
$815,000
Maunalani Heights
$1,279,000
$1,100,000
$981,500
$1,150,000
$950,000
$1,425,000
Napali Haweo
$1,357,500
$1,650,000
$1,660,000
$1,670,000
$1,900,000
$1,407,500
Niu Beach
$2,200,000
$3,420,000
$2,408,000
$4,050,000
$1,850,000
$2,400,000
Pacific Heights
$1,000,630
$999,000
$1,499,000
$752,500
$950,000
$720,000
Paiko Lagoon
$1,742,500
$1,155,000
$2,400,000
$1,050,000
$2,270,000
$3,150,000
Portlock
$2,365,000
$2,700,000
-
$2,875,000
$3,100,000
$3,175,000
$949,000
$998,500
$1,299,000
$872,000
$970,000
$1,162,500
$1,350,000
$1,700,000
$1,050,000
$1,108,000
$770,000
$1,200,000
Puupanini Tantalus Triangle
$1,425,000
$1,312,500
$1,225,000
$1,215,000
$1,059,500
$919,500
Waialae Golf Course
$1,999,999
$2,410,000
$2,125,000
$3,350,000
$1,530,000
$4,650,000
Waialae Iki
$1,688,000
$1,630,000
$1,625,000
$1,487,500
$1,294,375
$1,250,000
Waialae Nui Ridge
$1,472,500
$1,362,500
$1,248,888
$1,220,000
$1,040,000
$940,000
Wailupe Area
$2,100,000
$1,770,000
$2,200,000
$1,775,000
$1,900,000
$1,350,000
dash = no sales in the time period
All Data from the HiCentral MLS, Ltd. Report © 2016 ShowingTime.
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LIST Sotheby’s International Realty 4211 Waialae Avenue, Suite 100 | Honolulu, HI 96816 (808) 735-2411
ARTFULLY UNITING EXTRAORDINARY HOMES WITH EXTRAORDINARY LIVES®
CLOSED SALES SINGLE FAMILY
CONDOMINIUM
$1 - $2 MILLION 609 471 320
$800 THOUSAND - $1 MILLION
$2 - $3 MILLION
213
100
496
84 64
348
165
64
120
39 24
131
2011
+8.7%
+35.3%
+5.3%
+22.8%
-78.5%
2012
2013
2014
2015
2016 YTD
$3 - $5 MILLION
34
0.0%
+56.3%
-16.0%
-71.4%
2012
2013
2014
2015
2016 YTD
$5 MILLION + 46
28
2011
+64.1%
14 9
+21.4%
-5.9%
+43.8%
-6.5%
-83.7%
2012
2013
2014
2015
2016 YTD
45
2011
+13.3%
+41.2%
+37.5%
+29.1%
-78.9%
2012
2013
2014
2015
2016 YTD
16
182
18
150 113
10
164
117
44
4
7 2011
85
$1 MILLION +
43
32
75
2011
+11.1%
+40.0%
+14.3%
+12.5%
-77.8%
2012
2013
2014
2015
2016 YTD
All Data from the HiCentral MLS, Ltd. Powered by ShowingTime 10K.
2011
+3.5%
+28.2%
+21.3%
-9.9%
-73.2%
2012
2013
2014
2015
2016 YTD
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